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Dec 26, 2012
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president obama cutting his trip to hawaii short to work a deal that could avoid the fiscal cliff in a few days. we'll break down what's at stake in "your money." >>> if you got fewer presents under the tree, you may be ready. spending numbers are coming in, and they're not pretty. >>> plus, new numbers for apple's ipad mini and more. that's coming up on "worldwide exchange." >>> good morning and welcome to a special edition of "worldwide exchange." i'm jackie deangelis along with seema mody. ross and kelly are off for boxing day. they'll be back tomorrow. >> that's right. >>> let's get a brief check on the markets this morning. energy and metals are trading at this hour on the nymex. you see crude oil up .6%. brent crude also up. and take a look t yellow metal, gold. down just fractionally. now u.s. futures will begin trading in about a half-hour. the cme globex has been closed for christmas and will reopen at 6:00 a.m. eastern time. that also goes for treasuries and the foreign exchange market. >>> as for the action in the overseas market, the youu.k. is closed for boxing day as ar
president obama cutting his trip to hawaii short to work a deal that could avoid the fiscal cliff in a few days. we'll break down what's at stake in "your money." >>> if you got fewer presents under the tree, you may be ready. spending numbers are coming in, and they're not pretty. >>> plus, new numbers for apple's ipad mini and more. that's coming up on "worldwide exchange." >>> good morning and welcome to a special edition of "worldwide...
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Sep 2, 2012
09/12
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will we fall off the fiscal cliff with the tax cuts set to expire in january? >> you know things are so bad in washington that people can't even agree if you're going to go over the fiscal cliff or run into it. so i don't see anything happening in the short term. if short term means before the election. if mitt romney wins, they just delay the whole thing in the next six to nine months, with the argument that the president should have a chance to put the budget together. the interesting thing is if obama wins, the white house indicates they're going to have negotiations with the republicans, and they're trying to make the fiscal cliff look -- trying to make the president look bold enough to go over the fiscal cliff as a bargaining tactic with the republicans. whether it works, gosh, i don't know. >> how do you read the difference between the president and mitt romney in their approach to fixing the deficit? especially when it comes to medicare? do you think either has a chance to repair that? >> well, i hope so because the program is broken. i wrote a column th
will we fall off the fiscal cliff with the tax cuts set to expire in january? >> you know things are so bad in washington that people can't even agree if you're going to go over the fiscal cliff or run into it. so i don't see anything happening in the short term. if short term means before the election. if mitt romney wins, they just delay the whole thing in the next six to nine months, with the argument that the president should have a chance to put the budget together. the interesting...
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Jun 26, 2012
06/12
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small manufacturers worried about the impact of fiscal cliff, cutting back on hiring and capital investment. the ceo of paynet says he has not seen ceos of small companies this worried in a long time. >> when this investment expansion is starting to slow down. some of these subsectors are jamming on the breaks, it tells us all of a sudden, there is caution that wasn't there before. >> take a look at the industrial machinery index over the last three years. you can clearly see the slowdown over the last several months. that drop you saw at the end of 2011, they brought some of it back in 2012. the manufacturers, is the not a case where they're in financial trouble. look at the delinquency rate for small manufacturers. it has come down dramatically in the last six months. we're seeing small mom and pop companies, they've got strong balance sheets but they're not investing because they're worried. >> well said. thank you very much. >>> you heard the numbers. now, let us bring in two small business owners for a look how they're preparing for the fiscal cliff. mad delen owns kitchen restaurants,
small manufacturers worried about the impact of fiscal cliff, cutting back on hiring and capital investment. the ceo of paynet says he has not seen ceos of small companies this worried in a long time. >> when this investment expansion is starting to slow down. some of these subsectors are jamming on the breaks, it tells us all of a sudden, there is caution that wasn't there before. >> take a look at the industrial machinery index over the last three years. you can clearly see the...
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Jul 25, 2012
07/12
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of the fiscal cliff for tax cuts and spending programs that will happen automatically at the end of the year. >> i take issue where. >> wendy: that. >> do you expect either of these to pass both chambers of congress? where does this issue go? >> we announced a cupping weeks ago that we're extending all of the tax code for a year to do fundamental tax reform next year. the senate is trying to pre-empt that saying we'll do some rates and let the others go. horrible for economic growth and effective top marginal tax rate in jan. we're not going to mass that, you're not going to pass the one year extension. i think what this means is whoever wins this election will determine what this all looks like next year. >> but leaving people's lives in the balance -- >> i agree with that. >> no decision until after the election, then we're talking about a month and a half to get something done, that won't happen, it will be a 2013 affair. what happens to jobs and the economy in those months. >> you have to pass a budget that does that. the senate has not passed a budget in three years. again, we
of the fiscal cliff for tax cuts and spending programs that will happen automatically at the end of the year. >> i take issue where. >> wendy: that. >> do you expect either of these to pass both chambers of congress? where does this issue go? >> we announced a cupping weeks ago that we're extending all of the tax code for a year to do fundamental tax reform next year. the senate is trying to pre-empt that saying we'll do some rates and let the others go. horrible for...
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Jul 1, 2012
07/12
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we're not going to drive off a fiscal cliff. the big issue is the extension of the bush era tax cuts. how is that handled. that's going to xendepend on th outcome of the november election. there are some scenarios that could be good for medium term and some could be disastrous. we'll learn a lot and see a lot the last six weeks of this year. >> good to have you on the program. thank you so much. shy mon johnson joining us. up next on "the wall street journal report," the supreme court upholds health care reform. what the road ahead means for washington and your wallet. former senate majority leader tom daschle will join me next. and later, looking for the next game-changing idea. the biographer of the steve jobs book, einstein and ben franklin. aspen institute's walter isaacson is my special guest. >>> the signature piece of the obama administration's domestic policy agenda had a significant victory this week when the supreme court upheld the affordable scare act this week, signed into law more than two years ago. joining me rig
we're not going to drive off a fiscal cliff. the big issue is the extension of the bush era tax cuts. how is that handled. that's going to xendepend on th outcome of the november election. there are some scenarios that could be good for medium term and some could be disastrous. we'll learn a lot and see a lot the last six weeks of this year. >> good to have you on the program. thank you so much. shy mon johnson joining us. up next on "the wall street journal report," the supreme...
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Sep 9, 2012
09/12
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cliff and tax cuts and the spending programs? >> i unfortunately think that most likely scenario is still is that we go over the cliff and then if a deal that's cut in early january, if which you can combine a more progressive tax cut than what would have just expired with entitlement reform and simultaneously raise the debt limit. that's eminently doable and most likely scenario. >> will that be enough to avoid a recession in 2013 even the congressional budget office is saying we'll see a recession in 2013 because it isn't being addressed. >> if you go over the cliff and stay there, that is such a fiscal constraint that will cause a recession. that's different than the theory of the case mr. romney is putting forward. the cbo's perspective is that what will cause the recession in that case is spending restraint and tax increases too large. under this and sscenario, you'le mild fiscal constraint, maybe 1% of gdp and ongoing anxiety emanating from europe. >> president obama constantly talks about returning to the policies of the c
cliff and tax cuts and the spending programs? >> i unfortunately think that most likely scenario is still is that we go over the cliff and then if a deal that's cut in early january, if which you can combine a more progressive tax cut than what would have just expired with entitlement reform and simultaneously raise the debt limit. that's eminently doable and most likely scenario. >> will that be enough to avoid a recession in 2013 even the congressional budget office is saying...
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Sep 16, 2012
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so we'd have to think about what to do in that contingency. >> so the nis fiscal cliff, tax cuts and spending programs in place now, they'll expire at the end of the year. what's your take on how this gets impacted by this economy? >> well, we're not sure either as is ben bernanke. you know, this will depend upon the period between november and january and who's elected. i suppose, but eventually, the cliff, we won't see a wily coyote over the cliff and falling down into the deep canyon. i think it's going to be resolved, but there's going to be some negative drag in term of the economy with potentially higher tax rates for the rich and potentially lower spending in some areas. so fiscally, the economy needs to get an injection of adrenaline just like ben bernanke has provided this week. >> so, you sent out a tweet at the end of the week. buy gold, buy a house. tell me the imact of this. are you saying you want to buy hard assets? >> i think this is the era of reflation or attempted reflation. what ben bernanke is doing is basically writing checks. it's hard to imagine that from the
so we'd have to think about what to do in that contingency. >> so the nis fiscal cliff, tax cuts and spending programs in place now, they'll expire at the end of the year. what's your take on how this gets impacted by this economy? >> well, we're not sure either as is ben bernanke. you know, this will depend upon the period between november and january and who's elected. i suppose, but eventually, the cliff, we won't see a wily coyote over the cliff and falling down into the deep...
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Dec 31, 2012
12/12
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cliff of large spending cuts and tax increases. >> find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on that extension is the permanent extension of the tax cuts. >> if you're going to extend the tax cuts, you're going to have $3.8 trillion added in ten years to the $16 trillion we already owe. i mean, have a drink. >> we can't keep giving the middle class tax cuts like the president says he wants to do and romney says he wants to do when we got -- when we have a trillion dollar deficit. >> just a few days before the election day and your analysis of the polls have given the president better than 80% chance of winning re-election? >> the fact that the president leads in the polls in ohio and iowa states where you would need -- he would need to win 207 electoral votes means he's the favorite in the electoral college. >> this is the era of reflation
cliff of large spending cuts and tax increases. >> find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on that extension is the permanent extension of the tax cuts. >> if you're going to extend the tax cuts, you're going to have $3.8...
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Nov 19, 2012
11/12
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the idea of the fiscal cliff, the sequestration, automatic cuts to bring people to the table. we've done, with the help of technology, using diver technology, we dove in to take a look at where federal spending is highest. it is color coated by per capita spending by county here. what you see -- take a look. where it's red it's the highest from 20 all the way up to 175,000. there's actually one county in north carolina where i think hatteras island is where there is a big fema project. along the eastern seaboard a lot of that fema smending. th spending. then into florida where there's a lot of social security spending. same think along the gulf coast. zoom in on one louisiana county in here, there's a u.s. penitentiary there. a lot of federal spending. up through here, farm subsidies, drought relief. all kinds of things. out in arizona, retirees and other -- all the way up there in the state of washington. i understand we've got somebody coming from that state, a big naval base. that's going to show up big and make it red. what the pew center on the states did, they divided it
the idea of the fiscal cliff, the sequestration, automatic cuts to bring people to the table. we've done, with the help of technology, using diver technology, we dove in to take a look at where federal spending is highest. it is color coated by per capita spending by county here. what you see -- take a look. where it's red it's the highest from 20 all the way up to 175,000. there's actually one county in north carolina where i think hatteras island is where there is a big fema project. along...
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May 25, 2012
05/12
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everybody is talking about the fiscal cliff. tax cuts expiring at the end of the year as well as a lot of spending. does this put us over the cliff? >> well, i think the answer to your question, i don't think there's anyone who wants to see the fiscal cliff that will come into effect if the bush tax cuts expire. i'd be interested in david's take on this but as a long-term investor, lending the u.s. government money for ten years at 1.7% when the solution is all monetary, printing seems to be the most dark thing that i can think of doing. >> so you think the market trades down? >> i'm talking about the bond market. i'm talking about how i think investors have a once in a lifetime opportunity to take long-term profits in bond positions, move into stocks where you're getting a dividend rate with inflation protection. i'm not anticipating a crash in the bond market because the fed is there to support it. what i'm saying is that we only wished we had done this in the late '90s. there's an historic opportunity to look at the bond port
everybody is talking about the fiscal cliff. tax cuts expiring at the end of the year as well as a lot of spending. does this put us over the cliff? >> well, i think the answer to your question, i don't think there's anyone who wants to see the fiscal cliff that will come into effect if the bush tax cuts expire. i'd be interested in david's take on this but as a long-term investor, lending the u.s. government money for ten years at 1.7% when the solution is all monetary, printing seems to...
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Dec 11, 2012
12/12
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what would you cut out to help avert the fiscal cliff? use the #cut this with your ideas "street signs" or at mandy cnbc. speaking of @mandycnbc, inglewood cliffs, i'm at our nation's capital. good to see you. >> good to see you and everybody. thanks for those that already tweeted in answers. look at this, we found someone really rising above. we say we rise above, others rise above but this is really rising above. her name is nancy. she is wearing as you can see there in her ears a rise above pin. hats off to her, maybe we can take a page out of nancy's book. in the meantime, this is what we've got coming up for you. a really big show on top. hopium in full swing. "street signs" things it can be done, tell you how to of moo your money. signs point to a housing recovery. if a deal does not get done, could housing be the biggest hit of all. herb, he's back and he's ready to deliver his bold prediction on jcpenney. what else? you do not want to miss it. we now know where the last twinkies on earth were delivered. we'll tell you. it's a big
what would you cut out to help avert the fiscal cliff? use the #cut this with your ideas "street signs" or at mandy cnbc. speaking of @mandycnbc, inglewood cliffs, i'm at our nation's capital. good to see you. >> good to see you and everybody. thanks for those that already tweeted in answers. look at this, we found someone really rising above. we say we rise above, others rise above but this is really rising above. her name is nancy. she is wearing as you can see there in her...
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Aug 13, 2012
08/12
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>> no. >> where does this fiscal cliff issue go? >> we obviously announced a couple of months ago next week we are extending the entire tax code. all the tax rates, for a year with fast track procedures to do fundamental tax reform next year. the senate is trying to preempt that by saying we will extend just some rates and let the rates on the higher two brackets go which is the tax unsuccessful small businesses horrible for economic growth and effective top marginal tax rate of 44.8% in january. so we are knot going to pass that and they are not going to pass the one-year extension. that obviously kicks us into lame duck. what this all means, maria, whoever win this election, basically is going to determine what this all looks like next year. >> i mean, leaving people's -- lives in the balance -- >> i agree with that. >> no decision until the -- after the election. then you talk about a month and half to get something done and you know that won't happen. talking about a 2013 affair. what happens to jobs and all that time? what happ
>> no. >> where does this fiscal cliff issue go? >> we obviously announced a couple of months ago next week we are extending the entire tax code. all the tax rates, for a year with fast track procedures to do fundamental tax reform next year. the senate is trying to preempt that by saying we will extend just some rates and let the rates on the higher two brackets go which is the tax unsuccessful small businesses horrible for economic growth and effective top marginal tax rate...
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Nov 7, 2012
11/12
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just weeks away from now looms the so-called fiscal cliff, a combination of automatic spending cuts and tax increases mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution under which we're currently operating expires. amid all of these short-term hurdles, we face the greatest challenge of all. a massive debt that is smothering growth and exceeding the entire size of our economy. there will be many who will say that with the election over, we should confront the first of these challenges by simply letting the top two tax rates expire and pushing the sequester off to some other date. they'd have us engage in the same short-term temporary policies that have helped put us into this fix. in essence, they're saying, let's have more of the same. let's agree to drive our economy off part of the fiscal cliff instead of driving it off the whole fiscal cliff, and we'll call it a day. that might get us out of town, but it won't get us o
just weeks away from now looms the so-called fiscal cliff, a combination of automatic spending cuts and tax increases mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution under which we're currently operating expires. amid all of these short-term hurdles, we face the greatest challenge of all. a massive debt that is smothering...
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Dec 31, 2012
12/12
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defense sector facing major cuts if we do go over the fiscal cliff. how that industry will be affected if we don't get a deal today, we'll talk about that after the break. stay with us. any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> they say the biggest priority is making sure we deal with the debt in a serious way. the way they're behaving is their only priority is making sure that tax breaks for the wealthiest americans are protected. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest, or frankly, the courage to close the deal. >> the deadline to get a deal done, steadily getting closer and closer. the defense industry wi
defense sector facing major cuts if we do go over the fiscal cliff. how that industry will be affected if we don't get a deal today, we'll talk about that after the break. stay with us. any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader...
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Aug 12, 2012
08/12
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. >>> we are moving closer to the fiscal cliff, a bundle of painful tax increases and spending cuts late this year. and early next year will go into effect. they will slash the federal deficit by $607 billion. if there is no agreement between congress and the white house on another way to reach cutting the deficit. federal reserve chairman ben bernanke says look out below if that happens. >> the congressional budget office has estimated that if the full range of tax increases and spending cuts were allowed to take a effect, a scenario widely referred to as the fiscal cliff, a shol low recession would occur early next year and about 1.25 million fewer jobs would be created in 2013. >> my next guest says not so fast. howard dean says falling off the fiscal cliff might not be so bad. howard, thanks for joining us today. thanks for being here. >> here's what the upside is for the fiscal cliff. clearly congress can't get its act together. there's no way that congress is going to agree to cut medicare and so forth and so on without raising taxes, and i don't think the republicans are intereste
. >>> we are moving closer to the fiscal cliff, a bundle of painful tax increases and spending cuts late this year. and early next year will go into effect. they will slash the federal deficit by $607 billion. if there is no agreement between congress and the white house on another way to reach cutting the deficit. federal reserve chairman ben bernanke says look out below if that happens. >> the congressional budget office has estimated that if the full range of tax increases and...
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Oct 26, 2012
10/12
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and above all, we cannot go over the fiscal cliff. the cuts and tax reform must be thought out and effective. not blunt and damaging. but isn't the it interesting that it's business that is pressing congress to act? they say it is urgent to put a plan in place to cut america's debt load. in the here and know, the uncertainty about tax rates and government contracts is throwing a monkey wrench in their budget plans for 2013. in the long term, these leaders of business all know that a trillion dollar annual deficit piled on to an already unimaginable debt is simply not sustainable. this group reflect and responds to the economy. businesses create jobs but they will not commit to adding heads to the payroll in the face of so many questions out there. in fact, if congress fails to act and reach an agreement by year end, automatic spending cuts will go into effect. and taxes will rise for 90% of americans. in all income brackets, including corporations and investors who are watching and worrying about taxes on dividends. many expect it wil
and above all, we cannot go over the fiscal cliff. the cuts and tax reform must be thought out and effective. not blunt and damaging. but isn't the it interesting that it's business that is pressing congress to act? they say it is urgent to put a plan in place to cut america's debt load. in the here and know, the uncertainty about tax rates and government contracts is throwing a monkey wrench in their budget plans for 2013. in the long term, these leaders of business all know that a trillion...
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Dec 31, 2012
12/12
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but avoiding the fiscal cliff is really not the goal here. cutting the deficit is. this is a case of gigantic political friendly fire in my view. we're targeting the wrong enemy. we should be targeting the deficit. >> i've read, dan, more carefully and it's extremely insightful. and one of the things that i take from you is that you're a markets guy who thinks about macro, and not just u.s. macro, but global macro. what i don't get about what you're saying now -- one thing i get very much about what you're saying now is a small deal doesn't solve anything except the immediate cliff problem and that's not the only problem we have. it's actually relatively minor, i agree with you. but if we engage in $500 billion fiscal contraction next year i think we're going to have a recession. as a guy who pays attention to macro, how does that help anybody? >> well, look, i actually -- one of the reasons i said, and it was a provocation of saying, the fiscal cliff, after the election, my view of where this was going was exactly where we are this morning. which is probably why yo
but avoiding the fiscal cliff is really not the goal here. cutting the deficit is. this is a case of gigantic political friendly fire in my view. we're targeting the wrong enemy. we should be targeting the deficit. >> i've read, dan, more carefully and it's extremely insightful. and one of the things that i take from you is that you're a markets guy who thinks about macro, and not just u.s. macro, but global macro. what i don't get about what you're saying now -- one thing i get very much...
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Jul 19, 2012
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we talk about the fiscal cliff and tax cuts that come at the end of the year. will that dictate your plan? >> technically it would have an impact, but we're still about 50% held by retail shareholders, and so i don't think a tax increase on dividends would change our strategy because our rethey'll shareholders, many of whom are senior citizens still need that money. if taxes go up that would be very bad for them. they will have less money to pay their rent, electricity, and buy prescriptions. but we can't control that in our personal votes. i don't think just because -- >> i'm sorry, please finish your thought. >> just because taxes go up, we will not change our dividend strategy. >> what should investor dos with their mono? that's coming up next. short break and then jumping into the ipo waters. kayak is on the verge, but is the only travel website going for the danger zone that foiled facebook? much money do millionaires need to feel wealthy? there's a lot of zeros involved. >>> here is a look at some of today's winners and losers. with the fidelity stock scr
we talk about the fiscal cliff and tax cuts that come at the end of the year. will that dictate your plan? >> technically it would have an impact, but we're still about 50% held by retail shareholders, and so i don't think a tax increase on dividends would change our strategy because our rethey'll shareholders, many of whom are senior citizens still need that money. if taxes go up that would be very bad for them. they will have less money to pay their rent, electricity, and buy...
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Jan 11, 2013
01/13
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cliff deal which was a relative nothing, raised a lot of taxes and didn't cut any spending. >> exactly. >> so when they did that deal, they kicked the cuts -- the cuts in the pentagon and the human services $1.2 trillion down the road for two months, so there may yet be a ton of spending cuts. that's what i'm hoping for, and i think -- i think the suggestion that there's got to be some significant pentagon spending cuts is exactly right. it hasn't been done for about 30 years and a lot of money in the pentagon budget is not asked for by the military, by congress people who have plants in their districts so, you know, there's a lot of room for cutting here. i agree with that. >> why aren't we doing any cuting? it seems like the -- >> nobody has the nerve. >> constantly surrounds tax increases, but even this, you know, with the top dems sending this letter to the president saying we believe that you've got to be willing to make -- take steps to ensure america doesn't break the promises and do not negotiate over the debt ceiling, it's all about, you know, stick to your way and don't negot
cliff deal which was a relative nothing, raised a lot of taxes and didn't cut any spending. >> exactly. >> so when they did that deal, they kicked the cuts -- the cuts in the pentagon and the human services $1.2 trillion down the road for two months, so there may yet be a ton of spending cuts. that's what i'm hoping for, and i think -- i think the suggestion that there's got to be some significant pentagon spending cuts is exactly right. it hasn't been done for about 30 years and a...
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Nov 28, 2012
11/12
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over this fiscal cliff debate. nobody is cutting spending. everybody is talking about taxes. is the gop losing it's soul and principles? >> no one is being serious in it's debate. the fellow from adi is making sound statements. but he is whistling past the graveyard. there is no problem that the obama budget calls for spending giving us a deficit of $1 trillion per year as far as the eye can see. tax cuts didn't cause this. it is spending that caused this. you go to spending. you have the cpo itself is saying the only way to do this is getting obamacare out of there. what are the republicans starting to say? this will destroy the republican party because the party will have lost it soul. what else differentiates it from the party? >> here is the problem. the republicans have been saying for two years that this tax increase would destroy jobs and hope for a recovery. either they were lying then or if they were going along with it. they were lying now. which is it? >> this is interesting to me. why is the media working with the democrats on this very point about taxes. why is t
over this fiscal cliff debate. nobody is cutting spending. everybody is talking about taxes. is the gop losing it's soul and principles? >> no one is being serious in it's debate. the fellow from adi is making sound statements. but he is whistling past the graveyard. there is no problem that the obama budget calls for spending giving us a deficit of $1 trillion per year as far as the eye can see. tax cuts didn't cause this. it is spending that caused this. you go to spending. you have the...
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Jun 6, 2012
06/12
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to avoid the fiscal cliff? >> i am saying we are willing to extend the tax cuts that are in place, the so-called bush tax cuts for those under $250,000. >> so, bill, this is the rough. bill clinton said i would avoid that fiscal cliff at all cost. >> the clarification from his spokesperson afterwards was that he wasn't including the 250,000 plus at that point. that is the bone of contention now for the white house. they want to let them go except for that one income level, right? >> what bill clinton said was that he would let them expire. >> yes, de. >> i'm sorry. that he would extend those tax cuts but with an end date and not. >> temporarily. >> that it wouldn't be open-ended. then after the interview they came back the statement saying that we don't think the rich, the highest earners, should see those tax cuts extended. >> coming up here. >>> take a short break. when we come up, a closing countdown. >>> s&p posting best gains since december. will fed chairman ben bernanke throw cold water on today's rally
to avoid the fiscal cliff? >> i am saying we are willing to extend the tax cuts that are in place, the so-called bush tax cuts for those under $250,000. >> so, bill, this is the rough. bill clinton said i would avoid that fiscal cliff at all cost. >> the clarification from his spokesperson afterwards was that he wasn't including the 250,000 plus at that point. that is the bone of contention now for the white house. they want to let them go except for that one income level,...
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Jan 12, 2013
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the reality is if you really cared about cutting spending why not go over the fiscal cliff? that cuts trillions of dollars in spending. but republicans are afraid to cut spending. they want to use this as an issue, to attack the democrats but they're afraid to lay out because they know the majority of the spending will have to come from medicare and social security. not what the american people really want. >> what party actually has put out a long term spending plan showing how you reform these programs, what you would take spending down to as a share of g.d.p., how you would pay for it. you may not like that plan. you may not like paul ryan's plan very much. >> american people don't like that plan. >> but the administration's plan? they have a short term plan. they won't specify. the outgoing treasury secretary, tim geithner said, we have no plan. and as geithner always says, plan beats no plan. you have no plan. >> and the american people have no idea what they're talking about on this stuff. >> that i agree with. we're sending conflicting messages. >> it doesn't matter w
the reality is if you really cared about cutting spending why not go over the fiscal cliff? that cuts trillions of dollars in spending. but republicans are afraid to cut spending. they want to use this as an issue, to attack the democrats but they're afraid to lay out because they know the majority of the spending will have to come from medicare and social security. not what the american people really want. >> what party actually has put out a long term spending plan showing how you...
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Dec 17, 2012
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with two weeks left before year end, the looming fiscal cliff, automatic spending cuts and tax increases set to go into effect, january 1 is stoking concern from washington to wall street. my next guest has been a key figure in the debate. grover norquist president of americans for tax reform. it's good to see you again. thank you for joining us. >> good to be with you, maria. >> since 1986, republicans have been sighing your taxpayer protection pledge. as we get closer to the fiscal cliff scenario, will some of the people who signed on to no new taxes have to concede and agree to revenue increases in the form of higher tax rates? >> well, obviously, the president is trying to drive in that direction. the republicans have some leverage as well. two years ago, obama said he didn't want to hurt the economy, so he didn't want to raise rates on anyone. evidently that his job is secure, he's less interested in everybody else's job, so he is interested in raising top rates, capital gains taxes, subchatter "s" corporation taxes. although that's going to be awfully rough on the economy if he pul
with two weeks left before year end, the looming fiscal cliff, automatic spending cuts and tax increases set to go into effect, january 1 is stoking concern from washington to wall street. my next guest has been a key figure in the debate. grover norquist president of americans for tax reform. it's good to see you again. thank you for joining us. >> good to be with you, maria. >> since 1986, republicans have been sighing your taxpayer protection pledge. as we get closer to the...
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Jul 10, 2012
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executives are already anticipating this fiscal cliff and cutting back on spending and not increasing hiring plans. we're a consumer nation. consumers have saving fatigue and consumers aren't quite getting it yet the way executives are. >>> now to niemann marcus targeting with target, they will offer designer products from fashion to sporting goods under $500. what do you say to that? is that a smart retail move? >> tyler, i don't mean to be the grinch in july. i think if you're niemann marcus, this is one of the stupidist things i ever heard, if you're selling the exact same products in both stores and your goal is get the target type shoppers there in, what's my motivation. if i can go to target and buy the same thing, why -- >> niemann says our buyers and target's customers have this in common at the very least, they like good design. >> people are now not shopping in one category or another, across categories. people want good deals for whatever price point they can get them. i think this is a good move and target shoppers are really excited. >> dollar general and saks. i think th
executives are already anticipating this fiscal cliff and cutting back on spending and not increasing hiring plans. we're a consumer nation. consumers have saving fatigue and consumers aren't quite getting it yet the way executives are. >>> now to niemann marcus targeting with target, they will offer designer products from fashion to sporting goods under $500. what do you say to that? is that a smart retail move? >> tyler, i don't mean to be the grinch in july. i think if you're...
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Dec 31, 2012
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is now on the edge of the fiscal cliff. hours to go until the deadline and as we get closer in theory, the pentagon is getting ready to layoff quite literally thousands of employees because of the automatic spending cuts that go into effect if no deal is reached in d.c. at midnight. we have more on that fall out, hunter? >> how you doing simon? ? yes, just to flush out a little bit of what ber that was talking about, is delaying the spending cuts, down to the wire of the fiscal cliff negotiations. it is an absolute must across the potomac river at the pentagon. there would be a $55 million in spending, about 10% cut in many programs while a lot could be delayed, the most immediate contingency is notifying an estimated 800,000 civilian employees about furloughs in the new year. south carolina senator lindsay graham after he was contacted by secretary of defense leon panetta. >> he says if we do that, it will shoot the defense department in the head and we will have to send out 800,000 layoff notices at the beginning of the y
is now on the edge of the fiscal cliff. hours to go until the deadline and as we get closer in theory, the pentagon is getting ready to layoff quite literally thousands of employees because of the automatic spending cuts that go into effect if no deal is reached in d.c. at midnight. we have more on that fall out, hunter? >> how you doing simon? ? yes, just to flush out a little bit of what ber that was talking about, is delaying the spending cuts, down to the wire of the fiscal cliff...
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Jan 31, 2013
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the reason everybody was wound up about the fiscal cliff was too quickly cuts in deficit jam us into recession. that's a widely publicized finding from cbo to independent analyst. your guy's formula is for a 2013 recession. i know you like spending cuts. this isn't the time. >> james -- >> when is the time? >> right. who are the keynesians? as much as i respect jared we tried it in 2009 and 2010. >> it helped a lot. >> it didn't work. that's why this is the lowest recovery on record. >> americans understand every dollar will be taken at some point from them in taxes or inflation. >> what do you think is going on in europe? >> they are in private risk taking and people willing to invest. >> what do you think is going on in europe. >> before e we said how great the economy was in the fourth quarter, yes, amid the bad news it was a bright spot. but the great income number, a lot of it was because of the tax trap the president demanded with income getting pulled into the fourth quarter. >> this is a great point. i want to close on this point. this is too good. james opens up a great spot
the reason everybody was wound up about the fiscal cliff was too quickly cuts in deficit jam us into recession. that's a widely publicized finding from cbo to independent analyst. your guy's formula is for a 2013 recession. i know you like spending cuts. this isn't the time. >> james -- >> when is the time? >> right. who are the keynesians? as much as i respect jared we tried it in 2009 and 2010. >> it helped a lot. >> it didn't work. that's why this is the lowest...
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Dec 18, 2012
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if we bridge the fiscal cliff, without too many spending cuts and tax increases. we could have a good 2013. that is why the markets rally. let's go to mark. >> hey, jim, thank you for having me on your show. i'm a long-term investor with the short-term trading around the core position. um, you know, the stock only a half percent up today down close to a full percent. the board approvie ining coca c enterprises, and you know, we saw that go up 4.5%. my question to you, do you have any relationship between coca cola enterprises and european market? >> not that much. they have prispecific things th are positive. my charible trust owns it. it is why we play mi diversified. it can not rally in an environment where people think the economy is going to pick up big. let's go to mike. >> big booyah from shippensburg university. >> what is going on? >> peabody energy. in 2011 australian mining operations contributed to its growth. recently extreme policies undermined their mines. -- and had the highest growth rate in 2001. >> remember, in the end it is still coal. and it is
if we bridge the fiscal cliff, without too many spending cuts and tax increases. we could have a good 2013. that is why the markets rally. let's go to mark. >> hey, jim, thank you for having me on your show. i'm a long-term investor with the short-term trading around the core position. um, you know, the stock only a half percent up today down close to a full percent. the board approvie ining coca c enterprises, and you know, we saw that go up 4.5%. my question to you, do you have any...
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May 29, 2012
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that's the fiscal cliff. spending cuts are fine by me. tax hikes would not be fine. what's your prognostication about getting votes in the house and senate this summer on extending the bush-era tax cuts? >> they want to do it before the election for a real reason. i think it's going to pass easily out of the house but someone like claire mccaskill in missouri running for re-election as a democrat, they want to put the pressure on them to have that vote in the senate because there are also some bruises from december 2010. last lame duck session was very messy. a lot of liberal policy got passed. republicans want to avoid that and make democrats get on the record on the taxes. >> robert costa -- >> larry kudlow. >> -- as always, terrific stuff. now, why should the gop let the democrats dictate a grand fiscal bargain? after all, as i said, mr. costa agrees with me and he actually knows politics. a republican president and senate and house should be able to push their own dynamic pro-growth program. so here now let's talk. we have democratic pollster, 1996 clinton campai
that's the fiscal cliff. spending cuts are fine by me. tax hikes would not be fine. what's your prognostication about getting votes in the house and senate this summer on extending the bush-era tax cuts? >> they want to do it before the election for a real reason. i think it's going to pass easily out of the house but someone like claire mccaskill in missouri running for re-election as a democrat, they want to put the pressure on them to have that vote in the senate because there are also...
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i mean, do we need to go over the fiscal cliff with the four spending cuts and tax hikes to get things moving? >> there are leaders in both parties who think it would be to their advantage to go off the fiscal cliff. what a wonderful trait that is. we can win more as democrats if we let it go over. we can win more as republicans. this whole game is about win or lose. it's not about america. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of that, and they're ashamed to have and disgusted. they show that time after time. i can tell you, you can't believe what we've dug up. when you get a vote from dick durbin of illinois and a vote from tom coburn of oklahoma, you get five democrats, five republicans, one independent, 60% of this group that vote for this, you know you're on the right track. >> maria, if we go over this fiscal cliff and don't get a deal immediately, what's the economic effects next year? you know, we've talked about some of the qualitative effects. quantitatively, you know, economic growth will be reduced by about 3%. we'r
i mean, do we need to go over the fiscal cliff with the four spending cuts and tax hikes to get things moving? >> there are leaders in both parties who think it would be to their advantage to go off the fiscal cliff. what a wonderful trait that is. we can win more as democrats if we let it go over. we can win more as republicans. this whole game is about win or lose. it's not about america. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of...
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Nov 13, 2012
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. >>> and later, cliff diving? budget cuts, tax increases. the fiscal cliff looms large over the market. calls for compromise are out on all sides. but with gridlock still gripping the washington beltway, could your portfolio be at risk? stick around for cramer's call. all coming up on "mad money." >>> it is time for the lightning round. you say the stock. play this sound and then the lightning round is over. are you ready? start the lightning round. i want to start with mason in new york. mason? >> caller: jim, big boo-yah from all of us here at penn state university. >> yes! go penn state. >> caller: me and my buddies are competing in a stock pick competition. we are thinking about the hotel industry. what is your idea on choice hotels? >> i don't want to be in the hotel industry right now. speaking of mason, i want to wish happy birthday to fiscal cliff mason who now turns 18. he's our head writer. all right. let's go to simon in florida. simon? >> caller: boo-yah from miami. >> oh, man. i wish i were there so bad. can you transport me the
. >>> and later, cliff diving? budget cuts, tax increases. the fiscal cliff looms large over the market. calls for compromise are out on all sides. but with gridlock still gripping the washington beltway, could your portfolio be at risk? stick around for cramer's call. all coming up on "mad money." >>> it is time for the lightning round. you say the stock. play this sound and then the lightning round is over. are you ready? start the lightning round. i want to start...
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Nov 12, 2012
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. >>> and later, cliff diving? budget cuts, tax increases. the fiscal cliff looms large over the market. calls for compromise are out on all sides. but with gridlock still gripping the washington beltway, could your portfolio be at risk? stick around for cramer's call. all coming up on "mad money." i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and associates appeal award two years in a row. ♪ ♪ welcome to the world leader in derivatives. welcome to superderivatives. >>> it is time for the lightning round. and then the lightning round is over. are you ready? start the lightning round. i want to start with mason in new york. mason? >> caller: jim, big boo-yah for all of us here at penn state u
. >>> and later, cliff diving? budget cuts, tax increases. the fiscal cliff looms large over the market. calls for compromise are out on all sides. but with gridlock still gripping the washington beltway, could your portfolio be at risk? stick around for cramer's call. all coming up on "mad money." i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very...
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Jan 2, 2013
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we still have some problems with the fiscal cliff as far as spending cuts and debt ceiling coupling up. >> all right, anthony, rich, kenny, gentlemen thank you and happy new year. tyler, back over to you. >> happy new year, everybody. facebook flying higher while linkedin down today. >> with j.p. morgan raising price target and the overrate rating on confidence and william blair outperforming as facebook exchange ads are rapidly adopted with the potential to triple pricing. facebook's biggest bear bmo's daniel salmon did a 180 doubling price target to $32 upgrading from underperform to outperform, thanks to better tools. but linkedin, equal weight on concerns about valuation. linkedin did outperform pierce as well as the market last year. we ceil if facebook takes that role in 2013. back over to you. >> thank you, julia. >>> now to the deficit ceiling, or the debt ceiling, not deficit ceiling. so do you cut or is it really just slowing the growth. that's a definition of cut in washington terms. >>> and investment versus salary. which faired better in the debt deal? the cliff deal. both
we still have some problems with the fiscal cliff as far as spending cuts and debt ceiling coupling up. >> all right, anthony, rich, kenny, gentlemen thank you and happy new year. tyler, back over to you. >> happy new year, everybody. facebook flying higher while linkedin down today. >> with j.p. morgan raising price target and the overrate rating on confidence and william blair outperforming as facebook exchange ads are rapidly adopted with the potential to triple pricing....
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Dec 28, 2012
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cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what the subpoenaing cuts might or might not be? that will prolong the uncertainty in the market. and with the ceo conference call in the 6:00 hour, that should be very interesting. will we feel the effect of this in the first quarter earnings and gdp, other economic data points. >> it puts republican caucus in the house in the position of having to decide whether no deal is better than a bad deal. >> you know, melissa, if i could chime in, one thing, you didn't hear the president talking about the debt ceiling, and the treasury secretary says we'll start running up against the debt ceiling on monday. that's a very c
cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what...
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May 13, 2012
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will we approach a fiscal cliff? and what happens when the bush tax cuts expire at year end? >>> and then ethics in the workplace. is it okay to fib on your resume in one silicon valley ceo is learning the hard way. t the "wall street journal report" begins right now. >>> here's a look at what's making news as we head into a new week on wall street. a huge banking blunder by what's regarded as the safest banks in america. jpmorgan chase revealing this week it suffered a $2 billion trading log, the loss of what ceo jaime. dimon called a "flawed and sloppy derivatives trade." the unit had been expected to post a gain of $200 million. the bank's stock tumbled on the news late in the week. that helped push the markets down as trading began on friday. on thursday the dow had snapped its longest losing streak since last august. market is falling because of fresh worries out of europe. >>> encouraging economic news in the u.s. the price of oil is falling. partly due to slowing demand. gasoline prices are starting to decline as well. >>> we are at the end of earnings season. the dow
will we approach a fiscal cliff? and what happens when the bush tax cuts expire at year end? >>> and then ethics in the workplace. is it okay to fib on your resume in one silicon valley ceo is learning the hard way. t the "wall street journal report" begins right now. >>> here's a look at what's making news as we head into a new week on wall street. a huge banking blunder by what's regarded as the safest banks in america. jpmorgan chase revealing this week it...
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it is the fiscal cliff. if we go over that, if all the tax cuts expire, if we have the sequester, if we don't extend payroll tax relief and unemployment benefits, we will end up at the end of 2013 with about over 3 million fewer jobs than we would have had otherwise. just imagine that. the fiscal cliff is going cost the economy in that order of magnitude, 3 million jobs. we should not, not, not go over that cliff. now -- >> by the same token, though, his point about -- and i don't want to make this about ed. the fact remains that the debt levels we have in this country in effect put a cap on growth right now. >> sure, sure, sure. i think that economists have been saying for years -- i have said repeatedly, economists on both sides of the aisle have said repeatedly what we need is a long-term plan for deficit reduction that begins to take effect when the economy is closer to its capacity. right now it's at least 6% below its capacity. the unemployment rate, 7.7, it should be like 5.7 at capacity. we should no
it is the fiscal cliff. if we go over that, if all the tax cuts expire, if we have the sequester, if we don't extend payroll tax relief and unemployment benefits, we will end up at the end of 2013 with about over 3 million fewer jobs than we would have had otherwise. just imagine that. the fiscal cliff is going cost the economy in that order of magnitude, 3 million jobs. we should not, not, not go over that cliff. now -- >> by the same token, though, his point about -- and i don't want to...
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the fact is if we are worried about the fiscal cliff, we should be worried about the fiscal cliff, but it's the draconian spending cuts to investments and things that produce growth in this economy. that's what we should be worried about. >> you mention that it's the demographics. the fact is, the demographics have changed. we're living longer. people are needing these services longer in their life. yet, social security hasn't changed at all. with you talk about demographics, we need to address what hasn't been changed at all to meet the changing demographics. >> that's a good point -- >> that's an argument for entitlement reform. social security has changed. the retirement age has gone occupy. starting in the 1980s, there was a reform to increase the retirement age. also, the point about increasing life expectancy is a smalls a peblgt of it. it's not about increasing life expectancy. it's that there's a huge generation of people who are all about to retire at the same time. even if the life expectancy hadn't gone up, we'd still have this fiscal problem. >> final word. >> if we go back
the fact is if we are worried about the fiscal cliff, we should be worried about the fiscal cliff, but it's the draconian spending cuts to investments and things that produce growth in this economy. that's what we should be worried about. >> you mention that it's the demographics. the fact is, the demographics have changed. we're living longer. people are needing these services longer in their life. yet, social security hasn't changed at all. with you talk about demographics, we need to...
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>> all the cuts that happened as a result of the fiscal cliff, all over the place. let's cut hundreds of billions in defense. it doesn't indicate what missions are going to be no longer what, programs we're going to kim. i mean, we really have to be stupid to be doing that. >> so irresponsible. >> not knowing where the cuts are hitting. >> right. >> for the security of this country. >> i agree. >> so, therefore, you're going to get some agreement. maybe it's january 5th, maybe it's december 30th, january 10th, but it will probably be a band-aid agreement. that's the problem. this isn't going to be one of these long-term deficit reduction, credible agreements that does tax reform, entitlement reform. >> that's for another day. >> that's for another day, so i don't think the markets are going to real that much, but i think it will prevent the fiscal cliff. >> always good to see you, larry. >> very good insights for next year. >> ten minutes before the closing pebble. a market that's low but well off the lows of the day. real comeback on the hools of the announcement t
>> all the cuts that happened as a result of the fiscal cliff, all over the place. let's cut hundreds of billions in defense. it doesn't indicate what missions are going to be no longer what, programs we're going to kim. i mean, we really have to be stupid to be doing that. >> so irresponsible. >> not knowing where the cuts are hitting. >> right. >> for the security of this country. >> i agree. >> so, therefore, you're going to get some agreement. maybe...
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i think if you're really concerned about the deficit we should have gone over the fiscal cliff and cut the deficit that way. but if you aren't concerned about the deficit, if you think job growth is the most important thing and growth in general, then i don't think you should either cut taxes -- i don't think you should raise taxes or cut spending right now. i think you should focus just on stimulus. >> what they should do is slash across the board all these goofy departments, just really rip into them. and along with that pro-growth tax reform. especially pro-growth business tax reform. and then you'll have the kind of growth that keith is talking about that would actually solve the financial position. >> keith wants growth in general. i don't want growth in general. i want private sector growth. i don't want a bunch of phony government spending that's going to proup gdp numbers. i want private sector growth. if the president wants to make a deal where we get rid of some of these short-term spending cuts for long-term spending cuts he can, but the deal's not going to be -- he doesn't
i think if you're really concerned about the deficit we should have gone over the fiscal cliff and cut the deficit that way. but if you aren't concerned about the deficit, if you think job growth is the most important thing and growth in general, then i don't think you should either cut taxes -- i don't think you should raise taxes or cut spending right now. i think you should focus just on stimulus. >> what they should do is slash across the board all these goofy departments, just really...
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cliff -- he wants what's in the fiscal cliff. it's defense cuts and tax hikes. we're compromising with someone who doesn't want to compromise. he likes that stuff. i know he doesn't want to raise taxes on the middle class. but we have to give up everything in this deal. we should articulate our principles or give him what he wants. we're going to vote present and say -- >> boehner's doing the best he can. he's playing a short deck right now. >> you really think he's the best spokesman for conservatism. >> no, no. >> we should put a paul ryan -- we need younger leadership. >> paul ryan came out publicly in support of boehner. that's point number one. secondly, boehner jumped ryan over more senior people to put him as head of the budget committee. that's my second point. and boehner himself is being advised by ryan every step of the way. >> what do you say about this purge then? he's purging people that wants to balance the budget. >> you lost, ron. don't blame boehner. blame the republican party. blame conservatives. jim demint sa
cliff -- he wants what's in the fiscal cliff. it's defense cuts and tax hikes. we're compromising with someone who doesn't want to compromise. he likes that stuff. i know he doesn't want to raise taxes on the middle class. but we have to give up everything in this deal. we should articulate our principles or give him what he wants. we're going to vote present and say -- >> boehner's doing the best he can. he's playing a short deck right now. >> you really think he's the best...
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fiscal cliff. bush tax cuts expiring, unemployment extension expiring, the payroll tax holiday expiring. has the market in a tizzy right now. the big worry is, are we going back to 2011? most of the people in the market that i talk to don't think that we're going back there. however, this is going to create a very choppy market. >> let me just ask you, because with the tax cuts expiring, capital gains at, what, 16%? >> that's right. >> and that's going where? possibly to 25? >> yeah, 25. >> and the dividend taxes also 16. >> uh-huh. >> and that's going to 43%? >> right. >> and then, of course, the payroll tax cuts going to go, the whole bush tax across the board, that's going to go. so what does that mean for the market? what you're going to see is the side ways market like we've seen in the last month and a half or so and you're going to see a lot of buy the dips, sell in the rallies kind of thing and the strength is going to be financials and it's going to be a weird time for the market. fiscal c
fiscal cliff. bush tax cuts expiring, unemployment extension expiring, the payroll tax holiday expiring. has the market in a tizzy right now. the big worry is, are we going back to 2011? most of the people in the market that i talk to don't think that we're going back there. however, this is going to create a very choppy market. >> let me just ask you, because with the tax cuts expiring, capital gains at, what, 16%? >> that's right. >> and that's going where? possibly to 25?...
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you can the fiscal cliff and so important to virginia, sequestration and potential $50 billion in defense cuts when you have so much defense industry going on and the pentagon is here. >> if you are in line by seven, you can still vote in virginia, right? >> we did see long lines this morning, the line here wrapped around the building and another polling places had significant number of voters do early absentee voting. >>> it's thought if mitt romney doesn't take florida he is done. mary thompson is live in orlando with an update. mary? >> reporter: of course, brian, electoral votes make flat biggest prize among the swing states shall as you mentioned, you also mentioned critical to the romney campaign. political analysts saying that a win here just makes it far easier for the former massachusetts governor to win the needed -- get to the needed 270 electoral votes. romney here holding a lead in the polls over president obama. a lead president obama held throughout most of the summer as well, wing here in 2008, pro-peopled by the 18 to 29-year-old vote, a group democrats are concerned will
you can the fiscal cliff and so important to virginia, sequestration and potential $50 billion in defense cuts when you have so much defense industry going on and the pentagon is here. >> if you are in line by seven, you can still vote in virginia, right? >> we did see long lines this morning, the line here wrapped around the building and another polling places had significant number of voters do early absentee voting. >>> it's thought if mitt romney doesn't take florida he...
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or maybe there's all kinds of dramatic cuts because they don't get the fiscal cliff solved and suddenly they're having cuts in payments. they're hoarding cash because they fear they're going to lose a payment stream, right? is it that simple? >> not only that, the other part is you want to make sure you can pay your suppliers and you can manage your receivables. >> patrick, what do you think? good idea, bad idea? >> i think it's a very good idea, as well. i agree with howard at this point. they can really do one of three things, or two of three things. they can invest organically to grow organically. they could also make acquisitions, but there's risk with that. or they can build up cash on the balance sheet and go back and buy a lot of stock and raise the dividends. if you look at what they've done over the last two years, that's clearly what they've done. these stocks have grinded higher. i think it's a very good strategy. >> why do you think they've grinded higher, patrick, considering that it doesn't matter, i think, what happens with the fiscal cliff. defense spending is going to g
or maybe there's all kinds of dramatic cuts because they don't get the fiscal cliff solved and suddenly they're having cuts in payments. they're hoarding cash because they fear they're going to lose a payment stream, right? is it that simple? >> not only that, the other part is you want to make sure you can pay your suppliers and you can manage your receivables. >> patrick, what do you think? good idea, bad idea? >> i think it's a very good idea, as well. i agree with howard...
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that's all the fiscal cliff is, raaxes and cutting spending. the europeans could look over at us and say hey this is your austerity. this isn't bad. do it. >> absolutely. you know, we have to cut spending, not only at the federal level but at the state level, at the county level, at the city level and in the banking business we're extremely concerned about municipals right now. they also have this problem, and i think your previous comments about, you know, the public unions taking on private enterprise, i think that's going to be a big fight here in the coming months that are coming about and all i can tell you is that main street america today is getting ready to lock up and if they lock up, we're going to go back into a recession. >> thanks, rusty. we appreciate your time today. we have to run. >>> coming up, ralph schlosstein on the fiscal cliff and a lot more after this. maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education.
that's all the fiscal cliff is, raaxes and cutting spending. the europeans could look over at us and say hey this is your austerity. this isn't bad. do it. >> absolutely. you know, we have to cut spending, not only at the federal level but at the state level, at the county level, at the city level and in the banking business we're extremely concerned about municipals right now. they also have this problem, and i think your previous comments about, you know, the public unions taking on...
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this so-called fiscal cliff, when the tax cuts expire at year end, simultaneously when the spending programs expire, you know you're going to have defense companies, health care companies, transportation companies laying off. they have to tell employees they're going to get cut because these federal programs are going away. so what's the implication of the economy in 2013 if we go over -- >> i think it's going to hurt the economy badly, but it's evidence we're living beyond our means. we don't need a $750 billion defense budget in the world we're in today. we have to cut it. and when we cut it, there are going to be layoffs. there's going to be a reduction in activity. but it's not an excuse to keep spending on the military industrial complex when we're almost broke as a country. likewise, we can't keep giving the middle class tax cuts like the president says he wants to do and romney says he wants to do. when we have $1 trillion deficit. somebody has to pay the taxes and we have to start paying them now. or we need to cut the spending. >> what is the other low hanging fruit? you talk about
this so-called fiscal cliff, when the tax cuts expire at year end, simultaneously when the spending programs expire, you know you're going to have defense companies, health care companies, transportation companies laying off. they have to tell employees they're going to get cut because these federal programs are going away. so what's the implication of the economy in 2013 if we go over -- >> i think it's going to hurt the economy badly, but it's evidence we're living beyond our means. we...
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and then you are going to come into more fiscal cliffs. we didn't cut spending so we are going bankrupt. so how is that going to work out? >> right. and that is what i was thinking as you guys were talking. kicking the can down the road. it is not going to work for markets or businesses. they need sernl ti acertainty. that would be one of the worst case nascenarios to have this. i can you would see money flow out of the market. >> by the way, nancy pelosi wanted $1 million threshhold. everyone went back to the blogs running wild today. i've interviewed her a couple of times. can she get it? >> maybe. let me tell you what, whatever deal goes down, nancy pelosi is going to be the key to making it happen. >> all right we have to get out of here. thank you very much. next up the haeart ache and har good-byes continue in newtown, connecticut. good evening jay. >> reporter: good evening, larry, as you might imagine another rough day here in newtown, connecticut. first graders from sandy hook elementary gathered to bury two more of their classmat
and then you are going to come into more fiscal cliffs. we didn't cut spending so we are going bankrupt. so how is that going to work out? >> right. and that is what i was thinking as you guys were talking. kicking the can down the road. it is not going to work for markets or businesses. they need sernl ti acertainty. that would be one of the worst case nascenarios to have this. i can you would see money flow out of the market. >> by the way, nancy pelosi wanted $1 million...
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take a listen. >> what about this upcoming fiscal cliff? a lot of people are worried and certainly the markets have been reacting to the idea that the bush tax cuts will expire at year end along with the spending programs that will expire. should those programs and tax cuts be extended? >> what i think we need to do is to find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now and then deal with what's necessary in the long-term debt reduction plan as soon as they can, which presumably it will be after the election. >> bob, who is in charge here? you were in california. we saw the shots of you at the opening bell with all the facebook people. you're second in control. your deputy is in philadelphia. so this was the biggest ipo in your history. who is in charge? where are you? >> well, certainly the people who run the operation day to day are in charge. it's important to recognize that we have several open lines going. one is an open line to our customers. a separate open line internally to nasdaq
take a listen. >> what about this upcoming fiscal cliff? a lot of people are worried and certainly the markets have been reacting to the idea that the bush tax cuts will expire at year end along with the spending programs that will expire. should those programs and tax cuts be extended? >> what i think we need to do is to find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now and then deal with what's necessary in the long-term debt...
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the fiscal cliff is scary. another recision, higher unemployment, economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cut backs. the fiscal cliff was meant to be something that nobody wanted to go anywhere near and here we are about to go off it. we really need our elected officials to figure this out, keep our economy growing and gives us some certainty about the future so we can make our plans as business leaders. we're all having such a great year in the gulf, we've decided to put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a great time. especially in alabama. you mean mississippi. that's florida. say louisiana or there's no dessert. brought to you by bp and all of us who call the gulf home. >>> welcome back. the dow jones
the fiscal cliff is scary. another recision, higher unemployment, economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cut backs. the fiscal cliff was meant to be something that nobody wanted to go anywhere near and here we are about to go off it. we really need our elected officials to figure this out, keep our economy growing and gives us some certainty about the future so we can make our plans as...
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let's say we don't get an agreement on this fiscal cliff, the tax cuts and spending programs going away by the election. the election, you have one month to fix this. i mean, they can't do anything in a year, they're going to do it in a month? >> i'm really worried about that. >> 2013 looks bad then? >> i think the end of 2012 could look bad. if you have dividend tax rates going from 15 to 45%. we're going to see impacted going into 2012, that's not a good news scenario. >> wish we had more time, thanks for indulgence, thank you for joining us today. >> we're in this final stretch for the day and the week. a pretty good rally in the last 15 minutes, down 124 on the dow right now. >> the bears are roaring back, the start of the earnings season next week, will it help the bulls? two top strategist will weigh in in a moment on that. >> fast food chains want to push mega size sodas for breakfast, is it good or bad? send us a tweet and we will broadcast your responses coming up in the program. >>> first, before we go to break, the dividend, which company stock in the worse performer so far t
let's say we don't get an agreement on this fiscal cliff, the tax cuts and spending programs going away by the election. the election, you have one month to fix this. i mean, they can't do anything in a year, they're going to do it in a month? >> i'm really worried about that. >> 2013 looks bad then? >> i think the end of 2012 could look bad. if you have dividend tax rates going from 15 to 45%. we're going to see impacted going into 2012, that's not a good news scenario....
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prior to fiscal cliff. some would argue that companies are already pulling back and that the impact of the fiscal cliff is being felt now prior to discussions in anticipation of it. is there a scenario in which there could be a rating cut and we don't actually go over that cliff? >> potentially there could be. the fiscal cliff is not the only issue that needs to be addressed. even if it's possible to avoid the forthcoming fiscal cliff, you also need to put in place a credible deficit reduction plan. there needs to be a grand bargain across both sides of the divide to address the deficit and provide some certainty over tax and spending policies going forward. if the fiscal cliff is avoided but there is no credible deficit reduction plan put in place. then the rating will come down during the course of 2013. >> david, is it clear to you, we have a frame work called simp n simpson-bowles as you know. we have added firepower of ceos making this a pet issue. does it matter if corporate america says we're behind
prior to fiscal cliff. some would argue that companies are already pulling back and that the impact of the fiscal cliff is being felt now prior to discussions in anticipation of it. is there a scenario in which there could be a rating cut and we don't actually go over that cliff? >> potentially there could be. the fiscal cliff is not the only issue that needs to be addressed. even if it's possible to avoid the forthcoming fiscal cliff, you also need to put in place a credible deficit...